CIMB Research raised its target price for CapitaMalls Asia
Ltd to S$2.05 from S$1.99, and kept its 'neutral'
rating, to account for its acquisition of a shopping mall site
in China and higher share price for one of its part-owned
By 0258 GMT, shares of CapitaMalls were 0.5 percent higher
at S$2.16. They have gained 11.3 percent since the start of the
year, compared with the benchmark Straits Times Index's
1.1 percent rise.
CapitaMalls acquired a shopping mall site in Wuhan, China
for S$128.4 million, its fourth in that city. CIMB said this was
in line with the company's strategy to expand in its core
The brokerage also lifted its revalued net asset value
slightly for CapitaMalls because of the higher share price for
its unit CapitaRetail China Trust.
OCBC also raised its target price for CapitaMalls Asia to
S$2.55 from S$2.16 and kept its 'buy' rating.
"We continue to favor CapitaMalls for executing sharply on a
well thought-out strategy: active capital deployment into its
growth market China through deepening its operational presence
in key cities, such as Shanghai, Beijing, Chengdu and Wuhan,"
(Reporting by Teo Jion Chun in Singapore; Editing by Gopakumar
Warrier; firstname.lastname@example.org)(Reuters Messaging: